“Shutdowns are causing mass economic strife, spurring unemployment, spikes in domestic violence and other dire consequences”

“Shutdowns are causing mass economic strife, spurring unemployment, spikes in domestic violence and other dire consequences”

$DIA $SPY $QQQ $RUTX $VXX

Former New Jersey Governor Chris Christie (R) called for businesses across the country to reopen with safety measures Friday, saying that the C-19 coronavirus chaos cannot control when parts of the country open.

He wrote in a commentary that additional lives will be lost “as a result of reopening our country,” but argued that continued strict shutdowns will cause mass economic strife, spurring unemployment, spikes in domestic violence and other consequences.

Governor Christie added that he supports businesses opening at 50% capacity, all people wearing masks and temperatures being taken before people enter businesses.

Adding, “I do not think anyone thinks we can afford to keep this country closed for 10 years waiting for a vaccine. What I am trying to say is that there are steps we can take with wearing masks, with social distancing, with cleaning surfaces, with washing hands, that will lower the rate of infection that occurred before we had a shut-in.”

Friday, the major US stock market indexes finished at: DJIA +60.08 at 23685.42, NAS Comp +70.84 at 9014.58, S&P 500 +11.20 at 2863.57

Volume: Trade on the NYSE came in at 1.4-B/shares exchanged

Futures were set for a lower opening Friday, options expiration day, the market opened lower, traded lower and recovered finishing in the Green.

The Russell 2000 outperformed with a 1.6% gainer.

  • NAS Comp +0.5% YTD
  • S&P 500 -11.4% YTD
  • DJIA -17.0% YTD
  • Russell 2000 -24.7% YTD

HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish to Very Bullish at the week ended 15 May 2020.

Looking Ahead: Investors will receive the NAHB Housing Market Index for May Monday

Have a healthy weekend, Keep the Faith!

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Paul Ebeling

Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge. Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he it the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.